Treasury Laws Amendment (2017 Measures No. 5) Act 2018 (27 of 2018)

Schedule 1   Financial benchmarks

Part 2   Main consequential amendments

Corporations Act 2001

26   After subsection 1317G(1DB)

Insert:

Financial benchmark rules and compelled financial benchmark rules

(1DC) A Court may order a person to pay the Commonwealth a pecuniary penalty if:

(a) a declaration of contravention by the person has been made under section 1317E; and

(b) the contravention is of subsection 908CF(1) (complying with rules about financial benchmarks).

(1DD) The maximum amount that the court may order the person to pay for contravening a financial benchmark rule, or a compelled financial benchmark rule, is the penalty amount specified in those rules for the rule that has been contravened.

Manipulating financial benchmarks

(1DE) A Court may order a person to pay the Commonwealth a pecuniary penalty if:

(a) a declaration of contravention by the person has been made under section 1317E; and

(b) the contravention is of subsection 908DA(1) or (2) or 908DB(1) or (2).

(1DF) The maximum amount that the court may order the person to pay for contravening a provision mentioned in paragraph (1DE)(b) is:

(a) $200,000 for an individual; or

(b) $1 million for a body corporate.